As the GST Bill is about
to come into action by the next year, the government of India is taking
necessary steps to make sure that the GST regime works fine. The Government
will introduce eight forms namely GSTR-1 to GSTR-8 that will be required to
file the GST Tax returns in India. These forms will be collectively used to
take the assesses details and offer multiple options to file online return.

As per department issue
some draft form for return purpose. These are as below:

*1. GSTR-1 (Sales Register)*

•This is a sales
register of goods and services, here we can enter the details data of of sales
. If a persons sells his goods and services to a register person within the
state in that case he is liable to charge CGST and SGST on the transaction. At
the same point of time if the person sells his goods and services to other
state he is liable for IGST charge on him.

•Here of each
transaction it is important to classify the goods or services with his SAC or
HSN code because these codes will identify the nature of the transaction.

•Again for avoidance of
the black money or hawala transaction in GST returns, there is a need to
identify some important transaction like inter state transaction worth
Rs. 250000/- or more.

*GSTR- 2 (Purchase Register)*

•This is a comprehensive
purchase register. Here we can enter the data of both purchase of service and
goods.

•In GSTR-2 the data of
the goods purchase from register dealer including debit/credit note will
automatically populated as the respective dealers upload there sales register
on due date. Due to this we can match our purchases against the sales register
and the impact of this in current scenario where tax credit mismatch is hard to
match and a time taking process, in GST there we will check our data as per
seller return so mismatch issue resolve will solve easily

•As well as here we will
amend our purchase bill too as we received in earlier periods

•Here a separate details
information will be required for input service distributors

•Due date of filling the
return is 15th of the next month. But we can upload our data on daily,
fortnight, weekly too. Soon the last date of return filing the workload should
be lesser than before

*GSTR-3 (Monthly Return Form)*

•Now the time taking
process of return filling is over now. In GST return maximum data of this
return is auto populated from purchase and sales registers. Only adjustment
entries and challan information will enter after these entries

•Here cash ledger (tax
deposit in cash and TDS/ TCS) will made separately for CGST , SGST and IGST

*GSTR-4 (Quarterly return for compounding dealers)*

•This return is a
quarterly return filled by the compounding dealer (as per draft GST law the
assesses whose turnover is less than Rs. 50 lacs and there is no interstate
transaction ) is liable to file return on and before 18th of the month after
the quarter

•In this return, data
will be automatically populated after filing of GSTR-1

*GSTR-5 (Return file by
the Non-Resident)*

•This will be a monthly
return filed by the non –resident within 18th day after end of the month and
within the 7 days after expiry of registration

•In this return HSN/SAC
code should be mention because these are classify the transaction as a sales
and purchase of goods and services

*GSTR-6 (Return for Input Service Distributor)*

•This return will be
filed by the Input Service Distributors within 15 days after end of the month

•In this return form
input service distribution ledger will be maintained. In this ledger credit of
CGST, SGST, IGST will maintain separately of each tax amount

*GSTR-7 (TDS Return)*

•Tax deductor will be
liable to file this TDS return within the 10 days after end of the month

•This return form is
almost similar to TDS return of income tax (26Q/24Q etc) as in this return
deductee information and transaction information is mention with the related
challan in which the TDS amount is paid to department

*GSTR-8 (Annual Return)*

•This return form will
be filed on or before 31st December of the next financial year

•In this return the
total annual returns information will be matched by the department with the
monthly /quarterly return filled by the assesse

•In this return auditors
information will submitted

•In this return all the
transaction will bifurcated within goods and services. This bifurcation should
be match with the HSN/SAC code given by the assessee in his monthly/ quarterly
return

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